Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero electrical resistance characteristics in the fields of power, industry, and transportation, particularly emphasizing the advantages of high-temperature superconductors over low-temperature ones [1] Group 1: Superconducting Materials - High-temperature superconductors have higher critical temperatures, currents, and magnetic fields, which expand their application space [1] - The demand for controllable nuclear fusion has driven the cost reduction of high-temperature superconducting tapes, with leading companies nearing the cost parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] Group 2: Market Potential - The accelerating demand for nuclear fusion is expected to enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The report from Huatai Securities highlights the broad application prospects of superconducting materials with zero resistance characteristics at certain temperatures in the fields of power, industry, and transportation. The advantages of high-temperature superconductors over low-temperature superconductors, including higher critical temperature, current, and magnetic field, expand the application space for superconducting materials [1] Group 1: Market Potential - The demand for controllable nuclear fusion is driving the cost reduction of high-temperature superconducting tapes, with leading companies' production costs nearing the price parity line for applications in industrial heating and power cables as estimated by Huatai Securities [1] - The accelerating demand for nuclear fusion is expected to further enhance the economic viability of high-temperature superconductors, opening up a market space worth hundreds of billions [1]

Core Viewpoint - The domestic new energy passenger vehicle sales have been positive since 2015, with a rapid increase in the electrification penetration rate of commercial vehicles, contributing significant growth [1] Group 1: Market Trends - The sales of new energy vehicles in Europe are expected to maintain a year-on-year growth of over 20% this year [1] - The profitability model for energy storage in China is gradually improving, with various regions implementing the "136 Document" to support policies, indicating a positive outlook for future demand [1] Group 2: Supply Chain Dynamics - The release of new production capacity in the battery and materials sector has significantly slowed down, leading to an expected continuous increase in capacity utilization rates across the lithium battery industry chain [1] - In a non-involution environment, the profitability of the battery and materials sectors is expected to continue improving, achieving simultaneous growth in volume and profit [1]

Company Overview - Huatai Securities closed at 20.05 yuan on July 31, down 1.86% from the previous trading day [1] - The stock price fluctuated between 19.87 yuan and 20.63 yuan, with a trading volume of 2.363 billion yuan [1] - Huatai Securities is a leading comprehensive securities group in China, offering services in securities brokerage, investment banking, and asset management [1] Financial Performance - On July 31, Huatai Securities experienced a net outflow of 263 million yuan in main funds, accounting for 0.18% of its circulating market value [1] - The turnover rate for the day was 1.6%, with a total market capitalization of 180.997 billion yuan [1]

证券研究报告 固收视角 反内卷拉动价格,需求端牵引息 华泰研究 2025年7月31日|中国内地 吴宇航 研究员 SAC No. S0570518110002 SAC No. S0570521090004 wuyuhang@htsc.com zhangjigiang@htsc.com +(86) 10 6321 1166 吴靖, PhD 研究员 SAC No. S0570523070006 wujing018437@htsc.com +(86) 10 6321 1166 李梓豪 联系人 SAC No. S0570124060040 lizihao@htsc.com +(86) 21 2897 2228 (事件) 中国 7 月官方制造业 PMI 为 49.3, 前值为 49.7。 中国 7月官方非制造业 PMI 为 50.1,前值为 50.5。 (点评) 1、7 月 PMI 为 49.3,较上月下行 0.4pct,可比季节性约为-0.14pct。EMPI 亦有所回落,制造业淡季特征显现,主要 的支撑在于反内卷相关行业,但需求端尤其内需整体上形成拖累。 2、积极的点在于:其一，反内卷对信心的提振作用相对明显,原材料 ...

美联储9月能否降息主要取决于7-8月经济数据 华泰证券研报表示，鲍威尔讲话未能提供9月降息的指引，发言偏鹰派。基本面方面，鲍威尔强调就业 市场较为稳健（solid），但承认存在下行风险。利率指引方面，鲍威尔未对9月降息给出明确指引，强 调降息决策取决于后续数据。 往前看，美联储9月能否降息主要取决于7-8月经济数据。维持美联储仍 有可能在9-12月降息两次的判断。 但是，如果就业和通胀数据强于预期，美联储年内降息预期或进一 步回撤。近期关注周五（8月1日）将公布的新增非农就业数据。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天天基金不对观点的准确性 GUIDE 摘要 中原证券：短期面临技术性调整压力，但中期上行趋势未改； 中信证券：A股增量市场确立，资金共识将聚焦两大方向 ； 华泰证券：美联储9月能否降息主要取决于7- 8月经济数据。 中原证券 短期面临技术性调整压力，但中期上行趋势未改 中原证券认为， 当前，A股市场已进入 ...

Group 1: Economic Outlook - The meeting emphasized the importance of maintaining stability and continuity in economic policies, with a focus on achieving high-quality development and addressing risks effectively [2][3] - The overall tone of the meeting was more positive compared to previous assessments, with a commitment to achieving the annual economic growth target despite external uncertainties [3][4] Group 2: Monetary Policy - The meeting called for sustained macroeconomic policy efforts, including proactive fiscal policies and moderately loose monetary policies to enhance policy effectiveness [4][6] - There is potential for further interest rate cuts, as the emphasis on reducing comprehensive financing costs suggests room for monetary easing [4][5] Group 3: Consumption and Investment - The meeting highlighted the need to effectively unleash domestic demand, focusing on both goods and service consumption, and implementing special actions to boost consumption [7][8] - The importance of expanding effective investment and stimulating private investment was also underscored, with specific measures to support consumer spending [7][8] Group 4: Market Competition - The meeting stressed the need to promote a unified national market and optimize market competition, addressing issues of disorderly competition among enterprises [9][10] - Policies aimed at regulating competition and eliminating unfair practices were reiterated, with a focus on enhancing the overall business environment [11][12]

Market Overview - A-shares opened mixed with the Shanghai Composite Index down 0.3% at 3604.7 points, the Shenzhen Component Index up 0.05% at 11208.46 points, and the ChiNext Index up 0.65% at 2382.97 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 142.66 billion yuan [1] - CPO and PCB sectors saw significant gains, while military and non-ferrous metals sectors experienced declines [1] Company News - **Ningde Times** reported a revenue of 178.886 billion yuan for the first half of the year, a year-on-year increase of 7.27%, and a net profit of 30.512 billion yuan, up 33.02% year-on-year [2] - **Changjiang Power** approved a budget of approximately 26.6 billion yuan for the construction of the Gezhouba shipping capacity expansion project, with a total construction period of 91 months [2] - **Digital Certification** is undergoing a change in its controlling shareholder to Beijing Data Group, following a transfer of state-owned shares [3] - **Wantai Biological Pharmacy** launched a new PCR test kit for detecting Chikungunya virus, which is now widely used in blood supply institutions [3] - **Jia Yuan Technology** is advancing its ultra-thin copper foil project, aiming for an annual production capacity of 700,000 square meters by the end of 2026 [4] Industry Insights - The average interest rate for newly issued commercial personal housing loans in Q2 2025 was reported at 3.09% [5] - Domestic coal prices have been on the rise, with the price of 5500 kcal thermal coal at ports around 650 yuan per ton, an increase of 30 yuan from the end of June [8] - The Guangzhou Futures Exchange announced adjustments to trading limits for certain futures contracts, including industrial silicon and lithium carbonate [9] - The National Immigration Administration reported that over 300 million exit and entry documents were issued to Chinese citizens during the 14th Five-Year Plan period, with the number of valid ordinary passports exceeding 160 million [10]

Market Overview - The market experienced volatility with mixed performance across major indices, as the Shanghai Composite Index reached a new high for the year while high-profile stocks like Dongxin Peace saw significant declines [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, an increase of 41.1 billion yuan compared to the previous trading day [1] - Sector performance varied, with gains in film, oil and gas, baby products, and food sectors, while stablecoins, solid-state batteries, software development, and rare earth permanent magnets faced declines [1] AI Industry Insights - Huatai Securities reported that the AI industry is entering a new phase driven by token growth, with significant applications in vertical scenarios across various fields such as office, healthcare, and finance [2] - There is a continuous increase in demand for server computing power, with vendors focusing on promoting post-training and inference computing services based on large models, indicating ongoing revaluation opportunities [2] - The development of generative AI is characterized by B2B leading over B2C, with commercial progress in the B2B sector outpacing consumer-level products [2] - Healthy competition among domestic and international manufacturers is driving industry advancement [2] Process Industry Equipment Outlook - CITIC Construction Investment highlighted the cyclical nature of process industrial equipment, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024 [3] - Investment planning in the northwest coal chemical sector is advancing, which is expected to bring marginal changes to the new market [3] - Policies for equipment updates in the existing market are being implemented, providing medium to long-term resilience for investments in process industrial equipment [3] - The industry encompasses various segments including compressors, pumps, seals, air separation equipment, valves, instruments, and control systems, with leading companies emerging that possess both domestic and international competitiveness [3] Photovoltaic Industry Analysis - CITIC Securities noted that the photovoltaic industry, currently facing issues of homogenization and excess capacity, is at the forefront of the "anti-involution" movement [4] - With a market-oriented approach, the industry is expected to see a reasonable price recovery and profit restoration as competition becomes more standardized and potential supply-side reform policies are implemented [4] - Technological innovation is deemed essential for overcoming the challenges of homogenized competition, with companies that have product differentiation, high-end market positioning, and strong brand manufacturing likely to experience early performance reversals and long-term growth [4] - It is recommended to focus on leading companies that possess long-term competitiveness and price recovery potential amid the ongoing "anti-involution" efforts in the photovoltaic sector [4]

华泰证券：AI进入落地新阶段，服务器和机器人产业火热 金十数据7月31日讯，华泰证券研报表示，基于本次WAIC 2025实地调研，对AI大模型产业链形成四个 判断：1）行业进入Token增长驱动的新阶段，AI Agent在垂直场景应用显著丰富，涵盖办公、医疗、金 融等多个领域，关注应用落地机会；2）服务器算力需求持续增长，各厂商重点推广基于大模型的后训 练和推理算力服务，技术迭代带来重估机会不变；3）生成式AI发展呈现2B领先2C、应用领先终端的特 征，B端商业化进展明显快于C端消费级产品；4）国内外厂商形成良性竞争推动行业进步。 ...